Mumbai Indians IPL owning Ambanis win race for Oval Invincibles

Oval Invincibles have become the first Hundred franchise to see a 49 per cent stake sold, with Indian family the Ambanis the winning bidders.

The 49 per cent stake in the Oval-based London team will value the franchise at £123m, according to the Telegraph, with Sky News’ Mark Kleinman reporting the Ambanis fended off bids from the likes of CVC Capital Partners and a consortium of tech bros including bosses of Google and Microsoft.

Eight 49 per cent stakes in eight Hundred franchises will be sold over the next week, with the two London clubs – London Spirit and Oval Invincibles – set to fetch the highest prices.

The eight sales could value the competition in the newest format in English cricket at £700m.

A group including Chelsea co-owner Todd Boehly, members of the Glazer family who own Manchester United and the Silicon Valley consortium are all keen on the London Spirit Hundred franchise.

The owner of IPL team Lucknow Super Giants, RPSG Group, is believed to have shown interest in all eight teams. Investors are only permitted to buy stakes in one franchise.

The Sun Group, which owns Sunrisers Hyderabad in the IPL, is understood to be in for Durham-based Hundred franchise Northern Superchargers but retain an interest in another team.

Who are the Ambanis?

Mukesh Ambani, is an Indian business mogul and chairman of Reliance Industries Limited (RIL).

The Ambanis are one of the most powerful families in India, and are key advocates for a bid for the nation to host the 2036 Olympic Games.

The family owns the Mumbai Indians in the Indian Premier League through Reliance Industries. They became the first franchise, in 2017, to breach the $100m brand value mark but the cricket franchise is now worth way above that.